For most people it is important to get your insurance quotes while you are the youngest you'll ever be. Many experts suggest that you should buy your life insurance when you are under 40, as it will be the least expensive and offer you the most benefit.
But what if you aren't under 40? What if you are actually of retirement age and you don't have life insurance? There are still options out there for you. Many people think that life insurance is only important if you have a family, which is half true. If you have a family and dependents, life insurance is extremely important for their financial protection. However, it is also important for the retired person so that their family is not burdened after their unfortunate death. For a time it seemed impossible for older persons to obtain life insurance, but the tide has shifted. Maybe it is a response to the Baby Boomers retiring in droves or just a shift in thinking, but there are now a number of companies offering term life policies to those over 65 at reasonable rates.
Term life and permanent life insurance policies are very different. If you are privileged enough to have a permanent life insurance policy, then it probably is helping you with your retirement income. It also can offer loved ones extra financial help should you pass away. Do make sure, however, that your permanent coverage is enough. You should meet with your broker to discuss your options.
On the other hand, if you do not currently have a policy, then a term life insurance policy is a safe and beneficial alternative. Term life insurance means that you are only covered for the term you specify in your policy. These terms usually range from 10 to 30 years. With term life insurance, your coverage remains the same over the life of the policy, but your rates can increase at regular, specified intervals. It is important to look over your policy to make sure that those rates can remain within your budget, especially if you are retired and living on a fixed income. Plus, you need to consider that once the policy's term ends, it can be more expensive to renew. So make sure that you purchase a long enough term life insurance policy.
With many insurance companies a person looking to purchase a policy may have to go through much questioning and examination to qualify for the policy. This is because the insurance company is looking to assess risk. Many companies, though, that offer life insurance to people of retired age are guaranteed acceptance companies. This means that they will not turn you down, no matter what.
Many of these guaranteed acceptance policies do have some limitations. They often have a period of time where coverage is more limited. And many of the policies will only cover you until the age of 100. Also, it may take up to 30 days to 2 years for your full coverage to take effect, so you want to make sure that you read over the fine print in your policy to know the restrictions.
It is important at any age to be covered by life insurance, as it offers financial help to your loved ones in the circumstance of your death. And it is good to know that just because you are older, you can also obtain a life insurance policy at a low, comfortable rate. You can even obtain quotes online, too. It is important to make sure, though, that your life insurance policy offers you the right amount of financial protection at the right price.